November 06, 2021 | Real Estate | Europe | Ended

Alstria Office REIT / Brookfield Asset Management: Deal Insights

Betting big on German office market recovery, Brookfield Asset Management (“Brookfield”) has announced a voluntary public takeover offer for all outstanding shares of Alstria Office REIT (“Alstria”) that it does not already own for €19.50 cash per share. We calculate that the offer represents a 23.6% premium to the target’s closing price on 1-Jul-21, which is when Brookfield filed an increase in its ownership position in Alstria from 2.94% to 8.35%. Shares in the German company then jumped to hit a 52-week high. The offer is a one-day 17.3% premium to Alstria’s closing price on 3-Nov-21 and a 6.8% premium to its last reported EPRA NTA on 30-Sep-21. The 1-Jul-21 stake increase led to initial speculation about a possible bid for the REIT although Alstria subsequently issued a statement on 21-Jul-21 denying that the companies were in negotiations. Alstria’s management and supervisory boards support the offer and intend to recommend it to shareholders, subject to a review of the offer document. There is a ...

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